China, World Bank set up knowledge hub

The World Bank and China are setting up a knowledge hub to share information about Beijing's success with poverty alleviation. The project aims to come up with new strategies to solve problems of rapid development, such as urban transportation.

The hub will help experts around the globe communicate and learn from each other to find the best outcomes, World Bank President Jim Yong Kim said at a signing ceremony Tuesday.

Kim said that as China tackles these challenges, it is producing a "body of knowledge that can benefit many other countries."

China has worked closely with the World Bank and claims to have raised 600 million people out of poverty over the past three decades. It now faces the challenge of managing an urban population that is expected to grow by 350 million over the next 20 years.